CHICAGO, IL--(Marketwired - Sep 10, 2013) - Newcastle Limited announced today that it has acquired property at the southeast corner of State and Chestnut streets from Loyola University Chicago. The purchase sets in motion Newcastle's plans to construct a 35-story, 367-unit apartment tower at 845 N. State Street in Chicago's Gold Coast neighborhood.
The project, which received City Council approval in April, will break ground immediately. It will offer a mix of studio, convertible, one- and two-bedroom apartments, along with 165 parking spaces, indoor and outdoor amenity areas, and 3,300 square feet of street-level retail space. Occupancy is slated for Spring 2015.
"This is a fantastic apartment location that will appeal to renters who want to be close to Michigan Avenue, the lakefront, Gold Coast amenities and transportation. It will make a great addition to our multifamily portfolio," said Mike Haney, CEO of Newcastle Limited. "We're grateful to Loyola University for entrusting us with the development of the site, and glad to help support Loyola's mission."
Newcastle's development team includes architect Solomon Cordwell Buenz and contractor Power Construction. Upon completion, the property will be leased and managed by Reside Living, Newcastle's wholly owned property management subsidiary.
Newcastle Limited is a real estate investment firm that acquires, develops and owns urban retail and multifamily properties in Chicago. An entrepreneurial investor with institutional backing, the firm can deploy large amounts of capital and close transactions quickly. To learn more about Newcastle, call Mike Haney at (312) 252-1401 or visit the company website at www.newcastlelimited.com.
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